Abstract: The report in the 20^th Congress of CCP emphasizes that we should accelerate the building of a new “dual-cycle” development pattern, drive high-quality economic growth, and adhere to the strategic basis of expanding domestic demand. Under the background of interest rate liberalization, the development of multi-level capital market and stricter financial regulation, the profit space of banks' public business is constantly squeezed, and the exposure and release of credit risks are accelerated. The transformation of the banking industry to the retail business with light capital, light cost and low non-performing is the general trend. Bank profit efficiency takes into account the maximization of efficiency at both the input and output, which is an effective method for bank performance evaluation. Bank profit efficiency evaluates the efficiency by comparing the actual profit obtained by commercial banks with the profit obtained on the production frontier, considering the maximization of efficiency at both the input and output ends, which is an effective method for bank performance evaluation. Therefore, it is of great practical significance to explore the impact of bank retail business on profit efficiency. Reviewing the existing literature, we can find that many scholars at home and abroad believe that retail business is a sustainable business model for banks, which can bring stable returns and play an important role in maintaining high profitability of banks. However, there is a lack of research on the impact of retail business on bank profit efficiency.
Based on this, considering the cross relationship between various input variables and output variables, this paper introduces the cross term into the translog production function to reflect the mutual relationship, constructs the output-based distance function in the form of translog function, and uses the non-monotonic heterogeneous stochastic frontier method to measure the profit efficiency of banks, which can comprehensively and scientifically evaluate the operation and management of banks.
This paper takes the annual data of 48 commercial banks in China from 2011 to 2021 as the research sample, constructs the frontier production function, selects operating expenses and interest expenses as input variables, total profits, total loans and advances as output variables, and constructs the non-monotonic heterogeneous multi-output distance function to measure the profit efficiency of commercial banks. The bank profit efficiency calculated by non-monotonic heterogeneous SFA based on translog function is taken as the explained variable, the proportion of retail loan balance is taken as the core explanatory variable, and the NPL rate and loan-to-deposit ratio are taken as control variables to construct the influence model of retail loan business on profit efficiency. It further analyzes the heterogeneous effects of banks with different natures and the influence mechanism of personal housing loans, credit cards and other loans under the retail loan business. In order to avoid the influence of endogeneity on the robustness of empirical results, this paper uses the instrumental variable method and two-stage least squares. The regression show that: (1)Retail business has a significant positive impact on the improvement of profit efficiency, and of all retail businesses, credit card business has the greatest positive impact on profit efficiency. (2)The retail business of state-owned banks and joint-stock banks promotes profit efficiency more than that of the retail business of urban commercial banks and rural commercial banks. Therefore, the impact of retail business on bank profit efficiency is heterogeneous. (3)The profit efficiency of China's banking industry is on the rise as a whole, with joint-stock banks ranking the first and rural commercial banks the last.
Finally, based on the above research conclusions, combined with the development of retail loans in China's banking industry, this paper puts forward some suggestions, such as fully supporting the development of credit card business, promoting the transformation and upgrading of personal consumption loans and strengthening the risk management of personal operating loans, so as to further improve the profit efficiency of commercial banks in our country by developing retail loans. And this paper provides certain reference value for promoting the high-quality development of commercial banks. This study has important theoretical significance for accelerating the transformation of commercial banking business, promoting the continuous improvement of profit efficiency and realizing sustainable development.

Key words: retail business, profitability, profit efficiency, risk-taking, SFA

摘要： 零售业务作为商业银行的基础业务和战略性业务,已经成为中国银行业整体收入增长的主要动力。本文以我国48家商业银行2011—2021年的数据为研究对象,以产出定位的非单调异质性随机前沿方法为基础,测度了商业银行的利润效率水平,并利用2SLS探究零售业务对银行利润效率的整体影响。研究发现,银行零售业务的发展能够有效地提高银行的利润效率,尤其是信用卡业务对利润效率的正向影响最大,个人住房抵押贷款对利润效率的影响次之,消费贷和经营贷的影响最小;第二,国有银行、股份制银行的零售业务对利润效率的促进程度远高于城商行和农商行;第三,中国银行业利润效率整体呈上升趋势,其中,股份制银行的利润效率水平位居榜首,城商行利润效率自2011年以来一路上升,2021年增长到0.5872,而农商行的利润效率水平最低。

关键词: 零售业务, 盈利能力, 利润效率, 风险承担, SFA